Seven U.S. states have joined forces to challenge the U.S. Securities and Exchange Commission’s (SEC) regulation of #cryptocurrency. The states argue in an amicus brief that the SEC's "power grab" would stifle innovation, harm the #crypto industry, and exceed its authority.
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Seven-State Coalition Opposes SEC’s #Cryptocurrency Regulation Earlier this month, the Office of the Attorney General of Iowa announced that Iowa Attorney General Brenna Bird led a coalition of seven states in filing an amicus brief opposing the SEC’s attempt to regulate...
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cryptocurrencies. The brief, supported by Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, was filed on July 10 to contest what they view as the SEC’s overreach. The announcement details that “SEC’s power grab may stop states from protecting their citizens from...
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scams, and it hurts the free market.” States like Iowa, which have been proactive in protecting scam victims and prosecuting scammers, see the SEC’s actions as a significant overreach. The Iowa Attorney General’s Office emphasized, “Congress never gave the SEC power to...
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regulate cryptocurrency, and there is no accountability to ensure the actions the SEC takes are legitimate and necessary.” The amicus brief argues that the SEC is violating the Administrative Procedure Act and the Major Questions Doctrine by bypassing Congress. The states...
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contend that typical cryptocurrencies are not investment contracts under the Securities Act of 1934, urging the court to prevent the SEC from exceeding its authority.
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